Wednesday, August 24, 2011

Turning Gold into Silk

Photo from Pennachiojewelers.com.

With the price of gold going up and up—the London PM Gold Fix price for August 22 was $1,877.50 an ounce, a record price—I thought it was time to put up a post I’d planned awhile ago on selling old gold jewelry for cash. I sold my gold over a year ago, and if you are planning to do the same, here’s my advice:

1. Keep track of the price of gold for a month. (Oh, never mind, sell now!) I watched the price of gold for over a year to note the fluctuation in prices. I sold at a good time, not as great as now, but when I started watching in early 2009 it was at just over $900 an ounce and when I sold in spring 2010 it was at $1,200 an ounce.

2. Check rates between buyers, because they do differ, and make sure they use the London PM Gold Fix as the standard for what prices they offer. I looked into quite a few places but narrowed it down to Goldfellow.com and U.S. Gold Buyers based on customer satisfaction and what was written about them in the media. U.S. Gold Buyers offered higher prices so I chose them.

3. Sell gold in person, if possible. Another reason I went with U.S. Gold Buyers was because they had an office in the Diamond District in Manhattan that I could walk into with no appointment. If you can’t sell gold in person, find out if the amount of money you are offered for your gold will be less whatever it costs to have your gold shipped to the company. Most places will offer you free shipping through FedEx but you should know, one way or another.


4. Make sure you will not regret saying goodbye to your gold jewelry forever! Most of what I sold was broken and could not be fixed, according to a jeweler friend of mine, which made my decision very easy. The gold could either continue to sit in my jewelry box, collecting dust for another decade, or I could turn it into cash, and roll that cash into something on my Fashion Wish List, which is exactly what I did.

Washington's Carriage 70cm Hermès silk scarf. It looks like Cinderella's coach to me.

I walked out of the Diamond District with a check for a nice sum for such a small haul. I didn’t want to blow it on just anything so for nine months I thought about what would be a good purchase, one that would be special. I ended up using my gold money to buy my first Hermès scarf, which I plan on getting a lot of use out of and passing onto my daughter one day.


Whatever you buy with your old gold cash, it’s a great time to sell.

24 comments:

sacramento said...

Such a good advice, my dear friend.
I have no gold, I am afraid I spend everything on travelling.
Besosssssssssssss.
XXXXXXXXXXXXXXXXX

Aesthetic Alterations said...

Time to look through my jewelry stash again!

I must admit, I wish I had done this before I got attached to my South Indian gold and ruby necklace. It was part of a small jewelry stash that came with my now defunct marriage. Still, I wonder what all those rings are worth (I never did give him his collection of rings back)? LOL

An excellent choice for your golden souvenir. I'd love to follow in your footsteps!

Fashion Tales.... said...

Interesting post. Well, I love that Hermès scarf, could not go wrong with that choice! :)
Madison -xo

Adrienne said...

I have no gold, or very little. Too bad for me!

Good for you for making this wise decision. I looove that scarf. It's gorgeous! xo

fashionoverfifty said...

How exciting! Wear it frequently and enjoy it!

Pam @ over50feeling40 said...

Since we were robbed last year...someone else is now taking it and turning it into cash...so sad!

GRIT AND GLAMOUR said...

Great tips! Especially since Mom and I are looking to unload some gold.

Love that you bought an Hermès scarf with it. A woman after my own heart!

Can't wait to see you in NY!

jill815 said...

Hi Sacramento, I am hoping that some day in the future I will be back to traveling. Still a little tough with kids. I hope to see more pictures from your recent travels!

jill815 said...

Hi Catherine, if you have gold to sell, now is the time to do it! I almost fell off my chair when I read it was over $1,800 an ounce. Wow. If I'd known it would go that high of course I would've waited and maybe could've been the proud owner of TWO Hermes scarves, or some other lovely thing there. I would love to see the gold and ruby necklace you mentioned. You can't sell that!

jill815 said...

Hi Madison, oh Hermes is so wonderful, every time I go there I see five more things I want. The colors on the scarf I selected are gorgeous so I'm pretty happy with my choice. I can't wait for it to cool off so I can wear it again.

jill815 said...

Hi Adrienne, I didn't have much gold to sell so it was pretty much a one-time only thing for me. Will have to come up with other ways to buy more Hermes goodies!

jill815 said...

Hi Paula, I can't wait to wear my scarf again. I don't understand the scarves I see gals wearing around the city, even though it is horribly humid. What is that?

jill815 said...

Oh no Pam, you were robbed? That is so awful, I'm sorry to hear it. That's a terrible thing. I hope not too much was stolen. I also hope whoever did it gets some payback from the universe.

jill815 said...

Hi Vahni, you have to sell now! Don't wait! I've already noticed the price is going down, still in the $1,800 range, but making little drops. Do it now! Think of some fabulous thing from Gucci you could get with old gold money. Right?

And btw, I am so excited for the whole IFB Conference, before, during and after! September 6-8 is going to be the best!

Terri said...

The only gold I own is in my wedding band and I'm not sure I could even pry that off my finger. What a fabulous scarf.

Veshoevius said...

Great post Jill given the current price of gold and market turmoil and what great tips. I have some single gold earrings which I lost the other halves off but I'm too sentimentally attached to them - one I inherited from an aunt who passed away, the other was a gift from Mr V. If I wasn't quite so attached to them they'd be converted into a pair of shoes by now!

jill815 said...

Hi Terri, I didn't have much gold to sell and I thought about it for a long time before I did it, but in the end, I'm glad I went for it. I really love the scarf I bought with the money, it was a good exchange at the right time and I hope my daughter will love it someday as much as I love it right now. Speaking of daughters, is one of your girls getting married? I am terribly excited for your family and hope you will post about it!

jill815 said...

Hi Veshoevius, you bring up a great point, one I read about before I sold, you CAN'T sell things you are sentimentally attached to! I nearly did, some heavy gold earrings in the shape of a lion's head that a boyfriend gave me. His mother was a TWA stewardess and she had bought them for me in Greece. I don't think I will ever wear them again, they are too 80s, but I just couldn't sell them. They are still wearable and you never know, I might really be into them again one day. So don't sell those gold earrings you have! Even if you can't wear them they still have meaning to you.

simply frabulous said...

You did a fantastic investment, an hermès carré is for life!!

jill815 said...

Hi Simply Frabulous, thanks for stopping by. I am SO with you, an Hermes scarf is for life, and, hopefully, something to pass on to family members who also love Hermes!

Meghan said...

this is a really cool, timely, real post, thanks!

and that hermes scarf is so beautiful, what a lucky daughter!

<3Meghan

JTWisdom said...

Congrats on making Links ala mode with this post. Very informative. Great because some gold jewelry maybe broken so what better to cash it in. That's awesome that you bought that hermes scarf. Very pretty!

jill815 said...

Hi Meghan, thanks for stopping by. I hope my daughter will like an Hermes scarf one day. I'm working on my fashion heirloom closet piece by piece. Even if my darling girl is not so into this stuff, SOMEBODY is going to luck out, that's for sure.

jill815 said...

JTWisdom, how ARE you? I've missed you! I have to go see what you are doing on your blog. Thanks for the kind words and if you have any gold to sell, do it now, the prices are still high!